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Disney’s laying off 7,000 as streaming boom comes to an end

The Disney Plus logo on a beige and purple background
Illustration by Alex Castro / The Verge

Disney is planning to lay off 7,000 workers to cut costs across the company. CEO Bob Iger announced the news in an earnings call on Wednesday, stating that the move is “necessary to address the challenges we’re facing today.”

Like many other companies across the country, Disney’s making the changes as part of its efforts to reduce costs in a “challenging economic environment.” Iger says he’s “targeting $5.5 billion of cost savings across the company” and that the layoffs will “help achieve this.” Iger didn’t say which departments the layoffs will affect.

Rumors about layoffs began emerging shortly after Iger took over for outgoing Disney CEO Bob Chapek last November. Iger initially stepped down from the role in 2020, and his takeover has…

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